Fortum to sell its Gasum shares to the Finnish State

Fortum has agreed to sell its 31 %-shareholding in the Finnish natural gas company Gasum Oy to the Finnish State. The sales price for the total amount of Fortum's shares is approximately EUR 310 million. The transaction is expected to be closed shortly. Fortum will book a gain of roughly EUR 190 million, corresponding to approximately EUR 0.22 per share. The sales gain will be booked in 2014 fourth quarter results of Fortum's Heat, Electricity Sales and Solutions segment.

Fortum's decision to divest its shareholding in Gasum is part of the company's efficiency programme launched in 2012 and aiming at the disposal of non-core assets. Fortum focuses, in accordance with its strategy, on low-carbon power generation, energy-efficient combined heat and power (CHP) production and sales as well as innovative customer offerings.

The German E.ON has also agreed to sell its 20 %-shareholding in Gasum Oy to the Finnish State. Together these transactions will increase the Finnish State's holding from the current 24% to 75% of shares.